This JavaScript calculator will help you to decide whether
or not you should refinance your current mortgage at a lower interest rate. Not only will
this calculator calculate the monthly payment and net interest savings, but it will also
calculate how many months it will take to break even on the closing costs.

Note: When entering numbers into the data fields only use numbers and applicable
decimal points. Entering commas, dollar signs, or any other non-numeric characters will
cause an error. Also please note that this calculator has been tested to work with
Internet Explorer 3.01 and Netscape Navigator 3.01 web browsers. However, both must have
the JavaScript option turned on.

Enter the principal balance of your mortgage:
(call your mortgage lender and ask for the current payoff amount)

Enter the amount of your monthly mortgage payment:

Enter your mortgage's current interest rate:

Enter interest rate you will be refinancing:

Enter the number of years you will be refinancing:

Enter the closing costs that will be required for refinancing:
(If you're not sure, multiply your current balance owed by .03 )

This is how much your monthly payment will be if you refinance:

Monthly Savings:

Number of months to break even on closing costs:

This is how much interest you will pay under your current
monthly payment plan:

This is how much interest you will pay under your refinanced
monthly payment plan:

This is how much interest you will save if you refinance:

Net Refinancing Savings (interest savings less closing costs):

The accuracy of this calculator and its applicability to
your circumstances is not guaranteed.
Results should be discussed with a qualified professional before any product purchases or
loan commitments are made. Using this calculator does not guarantee credit.